<![CDATA[This study aims to analyze the effect of capital structure and sales growth on firm value in the property and real estate sector listed on the Indonesia Stock Exchange for the period 2021–2025. Capital structure is measured using Debt to Equity Ratio (DER), sales growth is measured using the Sales Growth (SG) ratio, and firm value is proxied by Price to Book Value (PBV). This study uses a quantitative research method with panel data analysis using the Fixed Effect Model (FEM) approach assisted by the EViews application. The sample consists of 20 property and real estate companies selected through purposive sampling with 94 observations after outlier treatment. The results show that: (1) capital structure has no significant effect on firm value partially (prob. 0.0771 > 0.05); (2) sales growth has no significant effect on firm value partially (prob. 0.3762 > 0.05); and (3) capital structure and sales growth simultaneously have a significant effect on firm value (prob. 0.0000 < 0.05). The Adjusted R-squared value of 0.8174 indicates that 81.74% of the variation in firm value can be explained by capital structure, sales growth, and individual fixed effects of each company. Keywords: Capital Structure; Sales Growth; Firm Value.]]>
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